Discrepancy in Gold Import Figures Sparks Trade Deficit Concerns

The commerce ministry notices suspected errors in November 2024 gold import figures, echoing a 2011 discrepancy. The surge in imports caused a record trade deficit, prompting DGCI&S and CBIC to examine data integrity. Analysts express doubts about double-counting while highlighting the need for accurate production data integration.

In what appears to be a repeat of the 2011 trade data discrepancy, the commerce ministry is investigating suspected errors in gold import figures for November 2024. The anomalous surge pushed the trade deficit to a record $37.84 billion, sparking concerns among ministry officials and economic experts.

Historical over-reporting and double-counting issues have resurfaced. While some experts suspect data compilation errors, others argue that such mistakes are unlikely. The DGCI&S is examining the data closely, attempting to align it with CBIC figures to ensure accuracy and uphold trust in the system.

The surge in gold imports, reaching a whopping $14.86 billion, is largely attributed to festival season and wedding demands. However, the potential for data inconsistencies raises questions about the trail of gold imports and necessitates a thorough examination to prevent further trade discrepancies.

(With inputs from agencies.)